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Home » Trending » Business » Beans, tomatoes, rice record 253%, 123%, 51% price hike

Beans, tomatoes, rice record 253%, 123%, 51% price hike

The cost of food items in Nigeria has been recording significant increases in the past one year.

Farmers attributed the hike in food prices to insecurity, climate change and lack of access to inputs, among others, but made particular emphasis on the widespread level of insecurity nationwide.

A survey carried out in markets across Lagos, Ogun and Federal Capital Territory showed that staple food commodities have witnessed astronomical price hikes.

Within a one-year period, the cost of 50kg of beans rose by about 253 per cent, a basket of tomatoes leaped by 123 per cent, while the price of 50kg of rice rose by 51.48 per cent.

Other commodities such as bread, garri and onions also witnessed sharp increases in their prices during the period under review.

The food commodities surveyed included rice, beans, garri, maize, tomatoes, onions and bread, while the time frames examined were July 2020, January 2021 and July 2021.

In July 2020, the cost of one mudu of rice was N420.63, while 50kg of rice was between N21,125 and N28,500.

A price increase occurred in January 2021, with one mudu of rice rising to N500, while 50kg of rice was between N23,750 and N24,500.

The increase continued until in July 2021 as one mudu of rice rose to N1,100, while 50kg of rice increased to an average of N32,000.

As of July 2020, one mudu of beans cost N305.48, while 50kg of beans was N12,750.

However, by January 2021, the price of a mudu of beans had climbed to N373, while 50kg of beans was N30,000.

The increase continued in July 2021, with one mudu of beans costing N900, while 50kg of beans had risen to N45,000.

Between July 2020 to January 2021, the cost of a 1kg and onions rose from N180.56 to N411, while one big bag of onions climbed from N17,000 to N21,500.

In July 2020, the cost of one mudu of garri was N247.62, while 50kg of garri was N11,500.

A price increase occurred in January 2021, with one mudu of garri selling for N300, while 50kg of garri sold between N10,750 to N11,125.

The increase continued until in July 2021 with one mudu of garri going for N450 while 50kg of garri sold for N14,500.

In July 2020, a mudu of maize was sold for N186.89 to N184.52, while 50kg of maize was N17,500 to N17,250.

A price increase occurred in January 2021 with one mudu of maize selling for N216 to N230, while 50kg of maize was N20,000 to N20,167.

The increase continued in July 2021 with one mudu of maize selling N400, while 50kg of maize sold between N22,000 and N24,000.

In July 2020, the cost of 1kg of tomatoes was N284.49, while a big basket of tomatoes was N8,500.

A price drop occurred in January 2021 with 1kg of tomatoes going for N152, while a big basket of tomatoes sold for N6,500.

However, as of July 23, 2021 when this report was filed, 1kg of tomatoes cost N1,000, while a big basket of tomatoes was sold for N19,000.

The cost of bread continued to rise steadily within the review period.

As of July 2020, the cost of one loaf of bread was N375. The same unit was sold for N500 in January 2021 and N600 as of July 2021.

The composite food index (a measure of food inflation) rose to 21.83 per cent in June compared to 22.28 per cent in May 2021, according to the National Bureau of Statistics.

This rise was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, milk, cheese and eggs, fish, soft drinks, vegetables, oils and fats, and meat.

In January, food inflation was 20.57 per cent, compared to 19.56 per cent in December 2020. This rise was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetable, fish and oils and fats.

In June 2020, food inflation was 15.18 per cent. An increase caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fruits, oils and fats, meat, fish and vegetables.

According to the NBS, food inflation on a year-on-year basis was highest in Kogi (30.34 per cent), Enugu (25.18 per cent) and Kwara (24.78 per cent), and lowest in Bauchi (18.97per cent), River (18.92per cent) and Abuja (17.09per cent) in June, 2021.

On month-on-month basis, food inflation was highest in Jigawa (2.67 per cent), Edo (2.43 per cent) and Cross River (2.16 per cent), and lowest in Lagos (0.14 per cent), Borno (0.06 per cent) and Kwara (0.02 per cent) in June, 2021.

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